Part-pensioners gain from rate change

Part-pensioners are due to get about $83 a year more in their pockets due to changes starting on Friday.

The lowering of the social security deeming rates is expected to benefit more than 770,000 part-pensioners and allowance recipients.

Deeming rates are used to determine how much pensioners get based on their earnings from other assets.

The thresholds are reduced to reflect changes in the financial markets.

Under the March 20 changes, the lower deeming rate will fall from two per cent to 1.75 per cent for financial investments up to $48,000 for single pensioners and allowees, $79,600 for pensioner couples and $39,800 for each member of an allowee couple.

The upper deeming rate will drop from 3.5 per cent to 3.25 per cent for balances over these amounts.

Social Services Minister Scott Morrison saya part-pensioners will get an average rise in their payments of $3.20 a fortnight or $83.20 a year.